BPCL Elliott Wave Analysis

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 BPCL daily chart


BPCL hourly chart


In the above daily chart, the energy stock is consolidating in a stiff range of 420-400 levels, as far as it persists in this range, no dynamic move can be seen. It is imperative for prices to break the level of 400 decisively for prices to move down. Daily RSI is near to the center line and it has crossed it from above giving a negative sign.

In the hourly chart, prices are moving in a symmetrical triangle pattern where it has completed two touch points on each trend line. All it is required is a directional move in this stock, for which a bearish break is required. RSI is also falling and is below the center line.

As per Wave theory, prices have completed wave b in a triangle pattern after wave a. Now wave c will start lower which can go till 50-61.8% of wave a to wave b. There are chances for 38.2% retracement as well.

The summation is BPCL is expected to plunge once the level of 400 is broken and can test 385-380 price zone over short term.

Education

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Comments

Phani Kumar said…

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